Resources

Rethinking Market Data in the New Era of Pay Transparency (Webinar ReCap)

Team Compa
June 6, 2022
4 mins.

Rethinking Market Data in the New Era of Pay Transparency (Webinar ReCap)

Compa co-founder and CEO Charlie Franklin sat down with Tauseef Rahman to discuss pay transparency in today’s post-pandemic work environment. 

They discussed the following topics in depth:

  1. Why talent acquisition teams can become a source of fresh market insights…
  2. How to use pay range disclosure as a competitive advantage…
  3. Saying goodbye to losing offers and bad market data…

➡️ Watch the on-demand webinar now

About the Speakers

Charlie Franklin is the co-founder and CEO of Compa. He founded the company with the idea of making compensation fair and competitive for all workers. Franklin has worked for more than a decade as an HR practitioner.

Tauseef Rahman is a career business leader for the Northern California and Hawaii branches of Mercer. For close to 15 years, he has helped companies drive, retain, and engage talent. Rahman is also an expert in people analytics and compensation.

Webinar Highlights

The first topic discussed was defining pay transparency. 

When people hear this, they often think of circulating Google Sheets or lawsuits. Even now, in 2022, there’s still the problem of information asymmetry - where all of the data regarding pay is available on the side of the employer and none for the employees. 

While this used to be acceptable, the culture and climate is shifting. The social contract between employer and employee is evolving as companies move to prioritize pay transparency. And enterprises who don’t move with it will be left behind and continue to lose candidates to the competition.

Impact of Pay Transparency on Market Data

So, what about the effects of pay transparency on market data?

Rahman discussed how tight labor market conditions and major geographic changes have left traditional market data sources like surveys feeling far behind reality. Furthermore, these conditions have raised questions about longstanding practices in defining the market, such as tying cost of living to cost of labor. As workers expect more accountability, comp teams are grappling with new ways to communicate process and philosophy. 

Increasingly, enterprise organizations are turning to alternative methods of identifying developing market trends, such as turning to the talent acquisition team for insights from candidate conversations. 

Dealing With Pay Transparency in a Volatile Market

The question then becomes: how can companies deal with pay transparency in an ever-changing market? The short answer: intentionality. This means having personal conversations early on and discussing the company’s philosophy with candidates and employees (particularly on what drives differences in pay). 

And because these types of conversations are meant to build trust, they should take place more than once a year or when a new employee onboards. 

What’s Next?

There are many more details included in the webinar that weren’t discussed in this post. The on-demand version talks about pay transparency in incredible depth while providing further insights for enterprise organizations. 

Click here to view the full on-demand webinar now

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